AEMB potentially selects debt securities from any country that is not considered a developed market. The portfolio is actively managed, using a top down approach, to select securities based on fundamental research, quantitative model inputs and qualitative considerations such as macroeconomic factors, country exposure and issuer credit analysis. The weight given to each factor will vary over time. The fund may invest in both investment grade and high yield securities with no average maturity or target duration. The fund manager may also use derivatives to enhance returns or hedge risk.